Soooooo I went into the BB&T here and asked about the Spectrum Cash Rewards Secured Card (I already knew a regular Spectrum was out of the question for me right now).
They took my app and approved me - the lowest SCL you can start with is $400.00, the rep said review time is about a year before a PC to an unsecured card is usually doable. They offer the same three secured cards as they do unsecured: Travel, Cash Back, & Low APR.
As you can see below my entire rebuild profile is 'secured' (with the exception of Indigo, Care Credit and my $300 Cap1 card, that just auto CLI to $500 with the credit steps program).
My plan is to use these cards for a year or so and grab their respective 'unsecured' counter parts. I will close Indigo just before the annual fee hits.
Really - I feel kind of 'low key' ashamed of the profile due to it being 90% secured with low CL's avg. about $200 - $400 but I understand the process and I'll work it until I'm able to graduate and be considered for healthier products.
Throughout this year I'll update things to show how each of these cards has either helped / graduated with time and perhaps be able to post about a great 'instant approval' here before too long, say mid 2020
DP at time of app: FICO 8's = EQ 590 / TU 601 / EX 599
Lates: 5 spanning (3 to 7 months)
Collections: 1 (5 and a half years old) only shows on TU
AU on one 6 yr old account in great standings 0% UTL
Overall UTL on all my cards combined 60% ish
INQS 14 across the three CRs
Congrats on your approval !!!
Never be ashamed of rebuilding. Those are perfect starter cards and you’ll be thankful for them in the future when you have prime cards with huge CLs. Congrats!
Slow progress is better than no progress. This time last year I was in the low 500s. Next year this time, if not before, I hope to be in the 800s.
Congrats on the addition! There is ZERO shame in having a secured lineup. Way back when I had my USAA & BofA secured cards, and slowly but surely my profile strengthened opening up more and more doors. You're on the right path and saving yourself from ever dealing with some of those knucklehead predatory lenders -- good job!!
Congratulations on your approval. You have nothing to be ashamed of, because you’re rebuilding. Use that piece of plastic wisely. BB&T is an excellent bank, but they are conservative. Pay it on time, rebuild a perfect payment history, keep your card utilization under 30% and you will be fine.